§2-209. Modification, rescission and waiver

Link to law: http://legislature.vermont.gov/statutes/section/09A/002/00209
Published: 2015

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The Vermont Statutes Online



Uniform Commercial Code






2-209. Modification, rescission and waiver

(1) An agreement

modifying a contract within this article needs no consideration to be binding.

(2) A signed

agreement which excludes modification or rescission except by a signed writing

cannot be otherwise modified or rescinded, but except as between merchants such

a requirement on a form supplied by the merchant must be separately signed by

the other party.

(3) The

requirements of the statute of frauds section of this article (§ 2-201) must be

satisfied if the contract as modified is within its provisions.

(4) Although an

attempt at modification or rescission does not satisfy the requirements of

subsection (2) or (3) of this section it can operate as a waiver.

(5) A party who

has made a waiver affecting an executory portion of the contract may retract

the waiver by reasonable notification received by the other party that strict

performance will be required of any term waived, unless the retraction would be

unjust in view of a material change of position in reliance on the waiver.